Norwegian to sell five planes to ease debt

Norwegian Air has agreed to sell five Airbus 320neo aircraft, as a part of its plan to ease capital commitments and strengthen its balance sheet.

The aircraft, which will be delivered in the fourth quarter of 2018, are currently leased out and not operated by Norwegian Air, the company said. “Sale proceeds will be used to repay debt and to increase the company’s liquidity,” Norwegian Air said. Liquidity is expected to increase by $62m (€54.5m), after the repayment of debt, it said. Norwegian Air has committed to buying 210 new aircraft from Boeing and Airbus, by 2020, and has said as many as 140 planes could be sold over time, as a part of the renewal of its fleet and to reduce debt.